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I think KIPREIT's market cap has increased considerably to ~702m jumps from the previous ~550m while maintaining a dividend yield of ~7%, average book value per share is at 0.83x
In my opinion, shareholders who do not opt into the DRIP and instead take their dividends in cash will decrease their ownership percentage relative to those who reinvest, leading to dilution. The extent of this dilution will depend on how many shareholders choose to participate in the plan and how many new shares are issued as a result.
"On 21 October 2024, we announced that Bursa Securities had approved the listing of and quotation for up to 4,991,095 new ICAP Shares on the Main Market of Bursa Securities pursuant to our Dividend Reinvestment Plan that applies to the Interim Dividend. We had also fixed the Issue Price that applies to the Interim Dividend at RM2.92 per ICAP Share and the Books Closure Date on 6 November 2024."
This statement implies the potential dilution of ICAP shares ownership when new shares are issued to accommodate the reinvestment dividends. Overall shares outstanding may be increased
"On 21 October 2024, we announced that Bursa Securities had approved the listing of and quotation for up to 4,991,095 new ICAP Shares on the Main Market of Bursa Securities pursuant to our Dividend Reinvestment Plan that applies to the Interim Dividend. We had also fixed the Issue Price that applies to the Interim Dividend at RM2.92 per ICAP Share and the Books Closure Date on 6 November 2024."
COL (City of London) holds 22% of outstanding shares held after disposing ICAP shares, while CDAM (Capital Dynamics) adds 19% to outstanding shares and holds 1.8% at present, according to investor stock services.